"We are bringing coverage investment, distributed all over the country with special emphasis on the North and the East," chief executive Duminda Ratnayaka said.

Ratnayaka said expansion of its broadband services will see HSPA (high speed packet access) technology with 28.8 megabits per second speeds.

Over 500 third generation (3G) base stations will be built on existing locations.

Alcatel-Lucent has been chosen as the vendor.

UAE-based Etisalat bought the Sri Lanka unit from Millicom Cellular International when it exited Asia.

The firm says the expansion will be funded by debt at 'attractive terms' as the firm was virtually debt free and its parent is rated A+ by Fitch Ratings."We are virtually a debt free company,' deputy chief executive Riyaz Rasheed said.

"Given our status as a debt free we have managed to finalize the funding."

The firm said its subscriber base was now close to 3.0 million.

Ratnayaka said a recent floor price set by the regulator was beneficial to "both the consumer and operator."

"The operator has to have a healthy business to ensure that good services are delivered to the consumer," Ratnayaka said.

Since the dawn of peace in 2009, Sri Lanka's investor-friendly economy has been growing at over 6% per year. The recently elected government is fully dedicated to good governance and transparency, and has already reconnected the country to the wider world and attendant opportunities.
InvestSriLanka highlights investment potential of Sri Lanka by bringing current business information to the reader.
We represents a firm of professionals committed to bring in quality investments to Sri Lanka in Leisure, Finance, Real Estate, BPO, Education, Agriculture and Alternative Energy.
Let’s start our dialog.
Please contact: investsrilanka@gmail.com